Responding to questions on notice from the House economics committee, the standards authority said that fees for bachelor-level courses and postgraduate studies “vary across universities and higher education providers and are not set by FASEA”.
However, the authority said based on advice from higher education providers in the space, fees for approved undergraduate courses at bachelor level varied from $1,390 to $3,350 per course, depending on whether students were eligible for a Commonwealth-supported place or were paying full fees.
At the same time, a unit of study at a postgraduate level – graduate diploma or higher – cost between $1,300 and $3,375, FASEA said.
The authority also flagged that proposed changes to the Commonwealth grant scheme proposed by the federal government would have an impact on financial planning course fees.
Draft legislation around the changes, which ringfence university fees based on degree type and will see steep increases in costs for some courses, was released by the government last month.
“If the legislation were to pass this would likely mean an increase in the cost to new students in Commonwealth supported places commencing studies in financial advice,” FASEA said.
However, the authority said this would only affect course fees for those in Commonwealth-supported university places and that it could not be sure of the impact on full fee paying students.
“Fees for these students are set by universities and have not been announced for 2021 and beyond,” FASEA said.
This whole exercise is benefiting FASEA and their lobbyists
Not that FASEA actually give a rats though
Whats the Real and Time cost to existing adviser FARSEA.
120 hrs / course x $330 charge rate = $39,600 per course in opportunity costs.
Plus $1600 course fees = $41,200 per course per adviser.
And lets say 20 hours FARSEA Exam Study and sitting 3 hrs exam x $330 = $6,600
Plus $600 exam fee = $7,200 per adviser.
[b]An absolute bare minimum FARSEA Adviser Tax =$48,400 x lets say 15,000 Advisers do it = $726,000,000 [/b][b][/b]
Then other adviser that have to do 2, 3 ,4 or up to 6 or 8 courses at $41,200 / course. Hundreds of thousands in opportunity time costs and course costs.
[b]Overall FARSEA will cost Advisers well over $1 Billion [/b][b][/b]
The only guaranteed winners out of this are the education institutions. They must be rubbing their hands with glee.
For existing practitioners the cost for a unit is almost irrelevant. It is the hours upon hours of study that is the real cost. I already have a degree so “all” I needed to do was the examination and the Ethics course plus CPD points. If I factor in my time, my compliance costs for the past 12 months is massive. No if or buts about it.
Yep as per massive FARSEA Adviser costs / tax detailed in comments above.
It’s out of control.